12 S Parsonage St · Rhinebeck, NY 12572

$730,000

5 bd · 3.5 ba · 3,444 sqft · MultiFamily public records · 51 Days on market

Built 1946 0.38 ac lot $212/sqft · 22% below area Est $941k · 22% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Schools +5.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

CLOSE TO THE VILLAGE OF RHINEBECK! RHINEBECK INVESTMENT OPPORTUNITY! Rare three family rental property in the Village of Rhinebeck! Fully occupied by long term tenants. Washer and Dryer in every unit! Separate electric meters. This three-family home in the charming Village of Rhinebeck presents a fantastic investment opportunity. Located in a quiet, neighborhood with a park directly across the street, it's an ideal location for tenants. The property is fully occupied, ensuring immediate rental income from day one. Rhinebeck is an area with a mix of small-town charm and proximity to larger metropolitan hubs, making it an attractive option for renters. With its well-maintained structure and peaceful surroundings, this property offers the potential for steady returns and long-term growth. Access to Landsman Kill for great fishing. Unit 1 is a 1 bedroom ground floor apartment with an extra room. Unit 2 is a 2 bedroom second floor unit with updated kitchen. Unit 3 is a two floor, 2 bedroom unit with an updated kitchen.

Key facts

• 0.38 acre lot
• 7 parking spots
• Built 1946

Tags

• THREE FAMILY RENTAL PROPERTY
• WASHER AND DRYER IN EVERY UNIT
• SEPARATE ELECTRIC METERS

Property features AI

Finance

• Other: Multi-family investment property (triplex) — income/expense/cash flow details not provided
• Financial info: Tax details provided separately (excluded per instructions)
• HOA & community: HOA information not provided

Exterior

• Parking: Private off-street parking; Detached parking; Carport (1 space); Total of 7 parking spaces; Additional parking available across the street
• Security: Security details not provided
• Utilities: Central Hudson electric; Septic tank; Cable available; Electricity connected; Water connected
• Home design: Triplex; Total building area approximately 3,444; Property condition: actual
• Construction: Wood siding construction; Year built not provided; Foundation and roof details not provided
• Exterior features: Wood siding; Chain-link and partial fencing; Back yard; Cleared lot; Located in a historic district; Level lot; Near school and shops; Waterfront lot

Interior

• Kitchen: Eat-in kitchen(s)
• Bedrooms: One 1-bedroom unit; Two 2-bedroom units
• Flooring: Flooring details not provided
• Bathrooms: Four full bathrooms
• Heating & cooling: Oil heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bath; Eat-in kitchen; High-speed internet available; His-and-hers closets
• Laundry & utility: Washer/dryer info not provided

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/4.0-bath units multifamily listed at $730k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $730k).
• Recommended offer: $708k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 2.2% in Rhinebeck — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#91 in NY, #1,405 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: cost of living F.
• Rhinebeck Central School District (town): math 64% / reading 60% proficiency, ranked #221 of 755 in NY (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Chancellor Livingston Elementary School (math 74% / reading 74%, grade A, #314 of 2,108 statewide, top 17%, 383 students, 14% FRL); Bulkeley Middle School (math 90% / reading 75%, grade A+, #20 of 729 statewide, top 3%, 232 students, 20% FRL); Rhinebeck Senior High School (math 98% / reading 70%, grade A, #409 of 1,100 statewide, top 39%, 322 students, 18% FRL).
• Zoned-school proficiency averages 80% at this address vs 62% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Rhinebeck Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 93 active listings in the ZIP; solid renter incomes; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $204k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($708k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $222k; list at $730k implies a 228% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $708,100 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 11.75%
• Cash-on-cash: 19.50%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

• ARV (median comp): $941,474
• List price: $730,000
• Delta: -22.46%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.5%
• Equity multiple: 1.46×
• Total profit: $93,429
• Equity at exit: $108,845

10-year hold

• IRR: 20.5%
• Equity multiple: 2.73×
• Total profit: $354,580
• Equity at exit: $63,117

Cash invested: $204,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12572

• Home prices YoY: -28.0%
• Active inventory: 93
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $10,703 medium
• Mortgage (P&I): −$3,828
• Tax from tax record: −$1,002 /mo · $12,026/yr
• Insurance: −$304
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,248
• Net cashflow: $3,321

Break-even live

Break-even rent $6,499

Max offer price $730,000

Occupancy floor 64%

Sensitivity live

Price	-10% $3,734	-5% $3,527	+0% $3,321	+5% $3,114	+10% $2,908
Rent	-10% $2,475	-5% $2,898	+0% $3,321	+5% $3,744	+10% $4,166
Rate	-1.0pp $3,688	-0.5pp $3,506	base $3,321	+0.5pp $3,132	+1.0pp $2,939

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	5	4	$10,704
Total (3 units)			$10,703

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $182,500
• Closing costs: $21,900
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-22
   days on market $730,000 Active 51 DOM
2. 2026-06-18
   days on market $730,000 Active 48 DOM
3. 2026-06-17
   days on market $730,000 Active 47 DOM
4. 2026-06-16
   days on market $730,000 Active 46 DOM
5. 2026-06-15
   days on market $730,000 Active 45 DOM
6. 2026-06-14
   days on market $730,000 Active 43 DOM
7. 2026-06-13
   days on market $730,000 Active 42 DOM
8. 2026-06-10
   days on market $730,000 Active 40 DOM
9. 2026-06-09
   days on market $730,000 Active 39 DOM
10. 2026-06-08
    days on market $730,000 Active 38 DOM
11. 2026-06-07
    days on market $730,000 Active 37 DOM
12. 2026-06-05
    days on market $730,000 Active 34 DOM
13. 2026-06-03
    days on market $730,000 Active 33 DOM
14. 2026-06-02
    days on market $730,000 Active 32 DOM
15. 2026-06-01
    days on market $730,000 Active 31 DOM
16. 2026-05-31
    days on market $730,000 Active 30 DOM
17. 2026-05-30
    days on market $730,000 Active 29 DOM
18. 2026-05-01
    listed $730,000 Active 1029-char remark

    Show marketing remark (1029 chars)

    CLOSE TO THE VILLAGE OF RHINEBECK! RHINEBECK INVESTMENT OPPORTUNITY! Rare three family rental property in the Village of Rhinebeck! Fully occupied by long term tenants. Washer and Dryer in every unit! Separate electric meters. This three-family home in the charming Village of Rhinebeck presents a fantastic investment opportunity. Located in a quiet, neighborhood with a park directly across the street, it's an ideal location for tenants. The property is fully occupied, ensuring immediate rental income from day one. Rhinebeck is an area with a mix of small-town charm and proximity to larger metropolitan hubs, making it an attractive option for renters. With its well-maintained structure and peaceful surroundings, this property offers the potential for steady returns and long-term growth. Access to Landsman Kill for great fishing. Unit 1 is a 1 bedroom ground floor apartment with an extra room. Unit 2 is a 2 bedroom second floor unit with updated kitchen. Unit 3 is a two floor, 2 bedroom unit with an updated kitchen.

19. 2026-05-01
    historical

    Show marketing remark (1029 chars)

    CLOSE TO THE VILLAGE OF RHINEBECK! RHINEBECK INVESTMENT OPPORTUNITY! Rare three family rental property in the Village of Rhinebeck! Fully occupied by long term tenants. Washer and Dryer in every unit! Separate electric meters. This three-family home in the charming Village of Rhinebeck presents a fantastic investment opportunity. Located in a quiet, neighborhood with a park directly across the street, it's an ideal location for tenants. The property is fully occupied, ensuring immediate rental income from day one. Rhinebeck is an area with a mix of small-town charm and proximity to larger metropolitan hubs, making it an attractive option for renters. With its well-maintained structure and peaceful surroundings, this property offers the potential for steady returns and long-term growth. Access to Landsman Kill for great fishing. Unit 1 is a 1 bedroom ground floor apartment with an extra room. Unit 2 is a 2 bedroom second floor unit with updated kitchen. Unit 3 is a two floor, 2 bedroom unit with an updated kitchen.

20. 2026-05-01
    listed $730,000 Active

    Show marketing remark (1029 chars)

    CLOSE TO THE VILLAGE OF RHINEBECK! RHINEBECK INVESTMENT OPPORTUNITY! Rare three family rental property in the Village of Rhinebeck! Fully occupied by long term tenants. Washer and Dryer in every unit! Separate electric meters. This three-family home in the charming Village of Rhinebeck presents a fantastic investment opportunity. Located in a quiet, neighborhood with a park directly across the street, it's an ideal location for tenants. The property is fully occupied, ensuring immediate rental income from day one. Rhinebeck is an area with a mix of small-town charm and proximity to larger metropolitan hubs, making it an attractive option for renters. With its well-maintained structure and peaceful surroundings, this property offers the potential for steady returns and long-term growth. Access to Landsman Kill for great fishing. Unit 1 is a 1 bedroom ground floor apartment with an extra room. Unit 2 is a 2 bedroom second floor unit with updated kitchen. Unit 3 is a two floor, 2 bedroom unit with an updated kitchen.

21. 2025-10-14
    listed $730,000 Active
22. 2025-10-14
    listed $730,000 Active
23. 2025-10-02
    historical
24. 2025-07-07
    price $730,000
25. 2025-04-01
    listed $770,000 Active
26. 2002-07-08
    soldstatus $222,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $12,026 · $1,002/mo
• Projected year-2 tax: $12,182 · $1,015/mo
• Expected delta: +$155/yr (+$13/mo · 1.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $128,436
• − Mortgage interest: −$40,891
• − Property taxes: −$12,026
• − Insurance: −$3,650
• − Repairs & maintenance: −$10,275
• − Management: −$10,275
• − Depreciation: −$21,236
• Taxable income: $30,082
• Est. tax owed @ 24.0%: −$7,220
• After-tax cash flow: $32,630/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Rhinebeck Central School District
• NCES district ID: 3624480
• Math proficiency: 64% ▬ 0.00%
• Reading proficiency: 60% ▬ 0.00%
• Median HH income: $71,819
• Composite: 56.35/100
• National rank: #2481
• State rank: #221 of 755 in NY

Livability — Rhinebeck

• Score: 81/100
• State rank: #91
• US rank: #1405

Category grades

Amenities C+ Commute A+ Cost of living F Crime A+ Employment A- Housing B- Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rhinebeck, NY
• County: Dutchess County · 188,048 people
• City population: 8,869
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 8,869
• Household income: $94,859
• Rent vs Own: 26.5% rent · 73.5% own
• Severe rent burden: 172.0

Population outlook (Dutchess County) Hauer SSP2

• Today (2025): 291,768 people
• By 2030: 287,131 · -1.6%
• By 2040: 274,881 · -5.8%
• By 2050: 259,971 · -10.9%
• By 2075: 235,366 · -19.3%
• By 2100: 208,786 · -28.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 8% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Scotch-Irish 4% Iranian 3% Romanian 3%
• Foreign-born: 7% · Canada, China, Guatemala
• Languages at home: 92% English-only · Spanish 3% German/W. Germanic 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Dutchess

• 2024 margin: Lean D (+5.4) · D 52.7% · R 47.3%
• 2008→2024 swing: -3.2pp toward R · 2008: 8.6pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+9.6 2016: R+1.1 2012: D+6.6 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -124.91%
• Current HPI: 321.5995
• Rent YoY: —
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+228.1% since first listed

9 events — show timeline

• 2026-05-01 Listed $730,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-05-01 Listed $730,000 HVCRMLS
• 2025-10-14 Listed $730,000 HVCRMLS
• 2025-10-14 Listed $730,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-02 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-07-07 Price Changed $730,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-01 Listed $770,000 OneKey® MLS as Distributed by MLS Grid
• 2002-07-08 Sold (Public Records) $222,500 Public Records

Property tax history

+1.7%/yr

Latest (2025): $12,026 · -3.9% YoY. Source: county tax records.